Newly elected Slovakia President Andrej Kiska’s inauguration took place on Sunday. 

The new president, however, announced that he has declined from his presidential salary throughout his tenure, the Interfax news agency reported.   

The President of Slovakia receives an annual salary of 600,000 euros, whereas Kiska’s annual earnings total around 700,000 euros.  

Andrej Kiska an entrepreneur and a philanthropist, who co-founded a non-profit charitable organization called Dobrý anjel (translated as Good Angel), in which donors help families that have found themselves in a difficult financial situation as a result of a family member contracting a serious disease, such as cancer.

Kiska had used his own funds during the election campaign, and according to his calculations, the expenses had exceeded the five-year salary of the President.